Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. fanelli corporation, a merchandising company, repo

Fanelli Corporation, a merchandising company, reported the following results for July: ...

80.2K

Verified Solution

Question

Accounting

Fanelli Corporation, a merchandising company, reported the following results for July:

Number of units sold 6,200
Selling price per unit $ 600
Unit cost of goods sold $ 414
Variable selling expense per unit $ 52
Total fixed selling expense $ 125,700
Variable administrative expense per unit $ 30
Total fixed administrative expense $ 207,600

Cost of goods sold is a variable cost in this company.

Required:

a. Prepare a traditional format income statement for July.

b. Prepare a contribution format income statement for July.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A​ sparkling-water distributor wants to make up 200 gal of sparkling water to sell for $5.00...

Basic Math
Q

a. A student weighs out 9.18 g of CrSO4, transfers it to a 500. mL volumetric flask,...

Chemistry
Q

what is the effect of heat treatment process on aircraft turbine ..with explaining?

Mechanical Engineering
Q

For questions 11 12 suppose the following scenario After an introductory statistics course 70 of...

Basic Math
Q

A rectangular field measures 100m by 80m A path is to be built on the...

Basic Math
Q

Answer the following completely. Show your complete solutions.Number 1.) 2, 12, 40, 98, 198, ...General...

Algebra
Q

Through the payment of $12,127,000 in cash, Drexel Company acquires voting control over Young Company....

Accounting
Q

The records at the end of January of the current year for Young Company showed...

Accounting
Q

Marigold Co. reports the following information for 2025 : sales revenue $780,800, cost of goods...

Accounting
Q

The unearned rent account has a balance of $71,076. If $16,928 of the $71,076 is...

Accounting
Q

what is the income tax formula in simplified form? select the tax computation stesp and...

Accounting
Q

Assume risk-neutrality. A European call option with a strike price of $20.40 which expires in...

Finance